Code of Virginia - Title 51.1 Pensions, Benefits, And Retirement - Chapter 1 Virginia Retirement System

51.1-100 through 51.1-124
Repealed by Acts 1994, cc. 4, 85; for effective dates, see Editor's note. ...
51.1-124.1 Description unavailable
Not set out. (1994, cc. 4, 85.) ...
51.1-124.2 Virginia Supplemental Retirement System continued as Virginia Retirement System
The Virginia Supplemental Retirement System, a body corporate and a retirement system for teachers, state employees, and employees of participating political subdivisions, shall be continued ...
51.1-124.3 Definitions
As used in this chapter, unless the context requires a different meaning: "Abolished system" means the Virginia Retirement Act, §§ 51-30 through 51-111, repealed by ...
51.1-124.4 Exemption of assets from taxation; exemption of benefits and assets from execution and assignment; ...
A. The assets of the retirement systems created under this title are hereby exempted from any state, county, or municipal tax. Retirement allowances and other ...
51.1-124.5 Disclosure of social security account numbers
The Retirement System may require the disclosure of the social security account number of any employee, judge, or other person covered under this title to ...
51.1-124.6 Benefits to be paid monthly
All benefits payable by the Retirement System shall be paid in equal monthly installments, unless the Board approves another method of payment. (1952, c. 353, ...
51.1-124.7 Distribution of assets upon repeal of system
A. If the General Assembly repeals the provisions of this chapter or terminates its application to any person, the Board shall continue to administer the ...
51.1-124.8 Persons affected by changes in retirement benefits
Unless otherwise specifically stated, legislation which effects a change in the amount of a retirement benefit other than a post-retirement supplement shall be construed to ...
51.1-124.9 Changes or errors in records resulting in erroneous payments
If any change or error in records results in any member or beneficiary receiving more or less than he would have been entitled to receive ...
51.1-124.10 Falsification of records; penalty
Any person who knowingly makes any false statement or falsifies or permits the falsification of any Retirement System record in any attempt to defraud the ...
51.1-124.11 Recovery of payments procured by fraud, false statement, etc
Any payment to a member or beneficiary which is later determined by the Board to have been procured on the basis of any false statement ...
51.1-124.12 Procedure when employer required to withdraw funds
A. As used in this section, unless the context clearly shows otherwise, the following definitions shall apply. "Replacement employer" means an employer as defined in ...
51.1-124.13 through 51.1-124.19
Reserved. ...
51.1-124.20 Board of Trustees; membership; terms; quorum; compensation and expenses
A. The Board of Trustees of the Virginia Retirement System is established as an independent board in state government and shall consist of nine members ...
51.1-124.21 Application of State and Local Government Conflict of Interests Act
The provisions of the State and Local Government Conflict of Interests Act (§ 2.2-3100 et seq.) shall apply to the members of the Board and ...
51.1-124.22 Board to administer Retirement System; powers and duties
A. The Retirement System shall be administered by the Board of Trustees, whose powers and duties include but are not limited to: 1. Appointing a ...
51.1-124.23 Medical boards
A. The Board may create one or more medical boards composed of physicians or other health care professionals who are not eligible to participate in ...
51.1-124.24 Chief investment officer; qualifications; duties
A. To assist the Board of Trustees in fulfilling its fiduciary duty as trustee of the funds of the Virginia Retirement System, the Board shall ...
51.1-124.25 Existing advisory committees of the Virginia Retirement System abolished
As of March 25, 1994, the existing advisory committees of the Virginia Retirement System are abolished and the members are discharged from any further duties. ...
51.1-124.26 Advisory Committees to the Board of Trustees; membership; terms; qualifications; duties
To further assist the Board of Trustees in fulfilling its fiduciary duty as trustee of the funds of the Retirement System, the Board shall appoint ...
51.1-124.27 Employees of the Retirement System
The officers and employees of the Virginia Retirement System shall be exempt from the provisions of the Virginia Personnel Act, Chapter 10 (§ 2.2-1000 et ...
51.1-124.28 Legal representation in criminal matters
Upon the acquittal, dismissal of charges, nolle prosequi, or any other final disposition concluding the innocence of any trustee, advisory committee member, officer, or employee ...
51.1-124.29 Description unavailable
Reserved. ...
51.1-124.30 Board as trustee of funds; investments; standard of care; liability for losses
A. The Board shall be the trustee of the funds of the Retirement System that it administers and of those resulting from the abolished system. ...
51.1-124.31 Pooling of assets for investment
The Board may invest the assets of any retirement system or program it administers on a pooled or consolidated basis. The Board shall maintain a ...
51.1-124.32 Exemption from Public Procurement Act
The selection of services related to the management, purchase, or sale of authorized investments, actuarial services, and disability determination services shall be governed by the ...
51.1-124.33 Deposit of trust funds not an investment; authorized deposits
The Board may authorize the deposit of trust funds in interest-bearing time deposits and certificates of deposit of national banks located within the Commonwealth, of ...
51.1-124.34 Retention of investments that become ineligible
An investment that conformed with the provisions of this chapter at the time the investment was made may be retained even though the investment ceases ...
51.1-124.35 Investment provisions exclusive
Investment of trust funds by the Board shall be governed exclusively by this article. (1980, c. 596, § 51-111.24:8; 1990, c. 832, § 51.1-124; 1994, ...
51.1-124.36 Investment of assets of the Commonwealth Health Research Fund
A. In addition to such other powers as shall be vested in the Board, the Board shall have the full power to invest, reinvest, and ...
51.1-125 Persons composing membership; persons holding more than one position
A. All persons who become employees after March 1, 1952, shall be members of the retirement system, except for the following persons: 1. Any person ...
51.1-126 Employees of institutions of higher education
For purposes of this section, "optional retirement plan" means a retirement plan covering the employee for retirement purposes other than the Virginia Retirement System defined ...
51.1-126.1 Certain employees of teaching hospitals
A. Any teaching hospital affiliated with an institution of higher education, other than the Virginia Commonwealth University Health System Authority or the University of Virginia ...
51.1-126.2 Description unavailable
Repealed by Acts 1998, c. 449. ...
51.1-126.3 Employees of the University of Virginia Medical Center
A. The University of Virginia Medical Center, hereafter referred to as the Medical Center, may establish one or more retirement plans covering in whole or ...
51.1-126.4 Employees of the Virginia Port Authority
A. The Virginia Port Authority, hereinafter referred to as the Authority, may establish one or more retirement plans covering in whole or in part its ...
51.1-126.5 Defined contribution plan for eligible members
A. As used in this section, unless the context requires otherwise: "Eligible member" means a member who holds an eligible position. "Eligible position" means a ...
51.1-126.6 Certain employees of public school divisions
A. The Board shall establish a defined contribution plan covering any eligible employee serving in a position designated in § 22.1-60 who elects to participate ...
51.1-126.7 Employees of the Virginia Outdoors Foundation
A. The Virginia Outdoors Foundation, hereinafter referred to as the Foundation, may establish a retirement plan covering in whole or in part its employees. The ...
51.1-126.8 Maximum contributions to optional plans; coordination of limits
A. Notwithstanding any other provision of law, the annual additions to the optional retirement plans described in Article 4 (§ 51.1-125 et seq.) of Chapter ...
51.1-127 Federal Employees' Retirement System
The Virginia Cooperative Extension Service is hereby authorized to make contributions into the Federal Employees' Retirement System for the benefit of its employees who hold ...
51.1-128 Cessation of membership
Membership in the retirement system shall cease (i) upon the withdrawal of the member's accumulated contributions except as provided in subsection C of § 51.1-153, ...
51.1-129 Limitation on membership
No provision of any other statute which provides that the Commonwealth shall pay the entire or a portion of the cost of retirement benefits for ...
51.1-130 Resolution of governing body; approval by Board
A. The governing body of a political subdivision may adopt a resolution requesting that its eligible employees become members of the retirement system. The governing ...
51.1-131 Local pension systems; transfer to retirement system
The members of any annuity fund, benevolent association, or retirement system of any political subdivision, hereafter referred to as a local pension system, may elect ...
51.1-132 Eligible employees
Officers and employees of the political subdivision who are regularly employed full time on a salaried basis and whose tenure is not restricted as to ...
51.1-133 Limitation on membership
Employees who are members of any retirement, pension, or benefit fund partially or wholly supported by public funds shall not be entitled to become members ...
51.1-134 Optional membership; creditable service
Membership in the retirement system for eligible employees in service on the date of coverage shall be optional. Any employee who elects to join the ...
51.1-135 Compulsory membership
Membership in the retirement system shall be compulsory for all eligible employees who enter service after the effective date of coverage. (1952, c. 157, § ...
51.1-136 Submitting information and performing duties prescribed by Board
The chief fiscal officer of the employer and the heads of its departments shall submit information and perform duties prescribed by the Board in order ...
51.1-137 Computation of employer contribution rates; reimbursement by Commonwealth
A. At least once in each two-year period, the actuary of the retirement system shall compute the annual rates of contributions payable by the employer ...
51.1-137.1 Certain local data to be provided
In addition to the annual actuarial evaluation currently provided to participating localities by the Virginia Retirement System, VRS annually shall provide each participating locality the ...
51.1-138 Benefits
A. Employees who become members under this article and on whose behalf contributions are paid as provided in this article shall be entitled to benefits ...
51.1-139 Procedure when employer in default
An employer's agreement to contribute on behalf of its employees who become members shall be irrevocable. If an employer for any reason becomes financially unable ...
51.1-140 Prior service credit statement
Upon becoming an employee, each member shall file with the Board a statement describing all prior service as an employee and any other information the ...
51.1-141 Service equivalents
The Board shall determine how much service in any month is the equivalent of a month of service or how much service in any year ...
51.1-142 , 51.1-142.1
Repealed by Acts 2001, cc. 686 and 697. ...
51.1-142.2 Prior service or membership credit for certain members; service credit for accumulated sick leav...
Certain members may purchase credit for service as provided in this section. A. 1. In order to receive credit for the service made available in ...
51.1-142.3 Purchase of additional prior service credit by certain school division superintendents
A. In addition to the four years of prior service credit that may be purchased under clause (ii) of subdivision B 1 of § 51.1-142.2, ...
51.1-143 Description unavailable
Repealed by Acts 2001, cc. 686 and 697. ...
51.1-143.1 Portability of service credit between the Virginia Retirement System and certain political subdivis...
The Virginia Retirement System may enter into an agreement with any political subdivision of the Commonwealth which has a defined benefit plan that is not ...
51.1-144 Member contributions
A. Each member shall contribute five percent of his creditable compensation for each pay period for which he receives compensation. The employer shall deduct the ...
51.1-145 Employer contributions
A. The total annual employer contribution for each employer, expressed as a percentage of the annual membership payroll, shall be determined in a manner so ...
51.1-146 Failure to report or pay contributions or insurance premiums
Every employer shall file all reports and pay all contributions and insurance premiums required by this title or Board regulation. Failure to file reports or ...
51.1-147 Members' contribution account
A. All members' contributions and interest allowances shall be credited to the member's contribution account. Accumulated contributions required to be returned to a member or ...
51.1-148 Retirement allowance account
A. All employer contributions, all amounts transferred from the members' contribution account, and all income from the invested assets of the retirement system shall be ...
51.1-149 Appointment of custodian; payments
The Board is authorized to appoint custodians for the safekeeping and payment of retirement system assets. The selection of these investment services shall be governed ...
51.1-150 Deposits
For the purpose of meeting disbursements for retirement allowances and other payments, cash, not exceeding ten percent of the total amount in the accounts of ...
51.1-151 Description unavailable
Repealed by Acts 1997, c. 641. ...
51.1-152 Limitations on average final compensation
If an employee receives increases in compensation in the last four years of service which are not related to promotion and which exceed the average ...
51.1-153 Service retirement
A. Normal retirement. - Any member in service at his normal retirement date with five or more years of creditable service may retire at any ...
51.1-154 Compulsory service retirement
Any employer, subsequent to the employee's normal retirement date, may provide for compulsory service retirement upon a determination that age is a bona fide occupational ...
51.1-155 Service retirement allowance
A. Retirement allowance. - A member shall receive an annual retirement allowance, payable for life, as follows: 1. Normal retirement. - The allowance shall equal ...
51.1-155.1 Exceptions from general early retirement provisions for certain state employees
A. Members of the retirement system (i) whose positions are described by subdivision 1 (except members of the Judicial Retirement System (§ 51.1-300 et seq.)), ...
51.1-155.2 Exceptions from general early retirement provisions for certain local government official...
A. Members of the retirement system who (i) are appointed county administrator pursuant to § 15.2-406 or 15.2-1540, urban county executive pursuant to § 15.2-804, ...
51.1-156 Disability retirement
A. Any member in service or within ninety days after termination of service who has not withdrawn his accumulated contributions as provided for in § ...
51.1-157 Disability retirement allowance
A. Allowance payable on retirement. - Upon retirement for disability, a member who has five or more years of creditable service shall receive an annual ...
51.1-158 Reduction of benefits for acceptance of lump-sum settlement under Workers' Compensation Ac...
The retirement allowance (i) of any member retiring for disability from a cause compensable under the Virginia Workers' Compensation Act (§ 65.2-100 et seq.) or ...
51.1-159 Medical examinations of persons retired for disability
A. Once each year following retirement, the Board may require a former member who retired for disability and who has not attained his normal retirement ...
51.1-160 Cessation of disability retirement allowance
A. If a beneficiary of a disability retirement allowance returns to service prior to his normal retirement date, his disability retirement allowance shall cease and ...
51.1-161 Withdrawal of contributions before retirement
A. If a member has ceased to be an employee, other than by death or retirement, he may receive a refund of his accumulated contributions ...
51.1-162 Death before retirement
A. If a member dies before retirement, and if no benefits are payable under subsection B, the amount of his accumulated contributions shall be paid ...
51.1-163 Death after retirement
If a member dies after the effective date of retirement, any excess of his accumulated contributions as of the effective date of his retirement, over ...
51.1-164 Disbursement by affidavit
If it is determined that payment is to be made to the estate of a member or former member and there has been no appointment ...
51.1-165 Optional benefits
A. Any member not taking 50/10 retirement as provided in § 51.1-153 or 51.1-216, in accordance with the retirement plan covering such member, may elect ...
51.1-165.01 Partial lump-sum option for payment of retirement allowance
A. For purposes of this section: "Normal retirement" means normal retirement as described in §§ 51.1-153, 51.1-205, 51.1-216 or § 51.1-305, in accordance with the ...
51.1-165.1 Acknowledgment by spouse of member
Any application for retirement benefits under this chapter or Chapter 2 (§ 51.1-200 et seq.) or Chapter 3 (§ 51.1-300 et seq.) of this title ...
51.1-166 Post-retirement supplements generally
A. In addition to the allowances payable under this chapter, post-retirement supplements shall be payable to the recipients of such allowances. Supplements shall be subject ...
51.1-167 Retirement allowance to be reduced in certain cases
In the case of any state employee whose compensation is not paid exclusively out of the state treasury and in the case of any teacher ...
51.1-168 Limits on creditable compensation; maximum benefits; mandatory payment of allowance
A. Notwithstanding any other provision of law, creditable compensation used for computing any benefit or employee contribution under or to the Retirement System shall not ...

Last modified: April 3, 2009